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, is that we will get too much deficit reduction too quickly. if reducing the deficit was what the economy needed we could go right off the cliff and leave it there. you can see it in this graph, that line going down. that is the fiscal cliff, we went over our deficit problems, gone baby, totally, totally gone. one thing the fear of the fiscal cliff shows by the way, in the fox hole, everyone's a kinsian. everyone agrees. that is number one. too much austerity way too quickly. president obama is not asking for that much in taxes. it's worth getting a bit of perspective in here. you'll be shocked to know, we got a graph for that. here's what happens if we go over the cliff. you get more than $5 trillion in tax increases off the bat. and now here's what happens if we pass the sainted simpson bowles plan. you've heard of the plan. they have 2.6 trillion in tax increases. president obama's latest offer to john boehner has 1.2 trillion in taxes. that is half as much, less than half than simpson bowles, and less than a quarter of what is in -- simply going over the fiscal cliff. i think the tax
, we still have this bigger challenge out there of how are we going to fix the deficit and debt problem in this country? we know we have to make hard choices. we know the parties have to work together, and they've got to get to work on this as quickly as possible. >> maya, with the greatest of respect, it seems to me your logic is all over the place. it's very clear the nub of the discussion, the squealing that we have at the moment is whether or not to extend tax cuts. that is, in effect, saying we are going to balloon the deficit further. this is not a conversation about actually fixing the debt, is it? that's not what we're talking about at the moment. we're squealing over, let's keep the deficit big. you seem to be arguing that that's exactly what we should be doing. >> let me explain, because it is more complicated than often things are discussed in washington. the problem with the fiscal cliff is it would put in place deficit reduction, but it would put in deficit reduction too much, too quickly, and with the wrong parts of the budget. so it would let all of the tax cuts expire, i
, who are providing us also with the means to float the deficit. these are the people providing a lot of our financing. well, at some point if this goes on long enough, they begin to think, hold it. >> who's writing a lot of our financing? >> mainly foreign governments as well as markets. holding on to treasuries and the rest. so the question, then, at some point do they go, hold it. if these guys aren't serious, why am i depending upon them so much? and the scariest single scenario is ultimately people start saying before i continue to float the united states, i want to get a slightly higher return to take -- in order to -- because of this risk. because of this uncertainty. that is the day the spiral begins because that's the day mr. bernanke and his colleagues have to think about raising rates in order to attract the necessary financing. we don't want to get there. and what's so scary about this twofer of the cliff and the debt ceiling over the next two months, basically till the end of february, is for the rest of the world looking at us, we essentially have -- it's not so much nex
. the tax would have made the rich contribute a whole lot more to cutting public deficit. >> arthel: here at home as senator leaders work behind closed doors to cut an 11th hour deal to avoid the fiscal cliff, we got a glimpse of optimism on the senate floor on friday from majority leader harry reid and minority leader mitch mcconnell following their white house meeting with president obama. here it is. >> everyone knows we've been to the white house. we've had a constructive meeting. we certainly hope that something will positive will come from that. >> i share the view of the majority leader. we had a good meeting at the white house. we are engaged in discussions, the majority leader and myself and the white house in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference and the majority leader can make to his conference. >> arthel: so is a fiscal deal more likely now than it was before congress left for christmas break? let's have a meeting of the minds. outreach director for freedom works, author of "backlash" and fox news cont
Search Results 0 to 3 of about 4